LONDON (Reuters) – OPEC oil output has risen in August for the first month this year as higher supply from Iraq and Nigeria outweighed restraint by top exporter Saudi Arabia and losses caused by U.S. sanctions on Iran, a Reuters survey found.

The 14-member Organization of the Petroleum Exporting Countries has pumped 29.61 million barrels per day (bpd) this month, the survey showed, up 80,000 bpd from July’s revised figure which was the lowest OPEC total since 2014.

The survey indicates Saudi Arabia is not deviating from its plan of restraining output by more than called for by an OPEC-led supply deal to support the market. Despite calls this year from U.S. President Donald Trump on OPEC to raise output, the producers renewed the supply pact in July.

OPEC’s supply curbs should eventually start to support the price of crude LCOc1, which has fallen from a 2019 high above $75 a barrel in April to $61 on Friday on concern about slowing oil demand and economic growth, analysts at Commerzbank said.

“Even the moderate demand growth that can be expected is likely – given the considerable production discipline shown by OPEC – to result in an ongoing tightening of supply and to support rising prices,” Commerzbank analyst Eugen Weinberg said.

OPEC, Russia and other non-members, known as OPEC+, agreed in December to reduce supply by 1.2 million bpd from Jan. 1 this year. OPEC’s share of the cut is 800,000 bpd, to be delivered by 11 members and exempting Iran, Libya and Venezuela.

In August, the 11 OPEC members bound by the agreement, which now runs until March 2020, achieved 136% of pledged cuts, down from 150% in July, the survey found. Two of the three exempt producers pumped less oil.

The biggest supply boost of 80,000 bpd came from Nigeria, Africa’s largest exporter, which is seeking a higher OPEC quota and in August continued to produce above its target by the largest margin.

The second-largest rise of 60,000 bpd came from Iraq, which boosted exports from both its northern and southern outlets according to the survey.

Smaller increases came from Libya, where the country’s largest oilfield, El Sharara, resumed output on or around Aug. 8 following an outage. Kuwaiti output climbed slightly while remaining below its quota, the survey found.

Saudi Arabia, which in July cut supply even further below its OPEC target in a bid to reduce inventories, has kept output at a similar rate in August. The survey pegged Saudi production at 9.63 million bpd, down from its quota of 10.311 bpd.

Fellow Gulf producer the United Arab Emirates also kept output flat and below its target.

Among countries with lower output, Iran posted the largest decline of 50,000 bpd.

The United States reimposed sanctions on Iran in November after pulling out of a 2015 nuclear accord between Tehran and six world powers. In a bid to cut Iran’s sales to zero, Washington in May ended sanctions waivers for importers of Iranian oil.

In Venezuela, supply fell slightly due to the impact of U.S. sanctions on state oil company PDVSA and a long-term decline in production, according to the survey.

July’s output was the lowest by OPEC since March 2014, excluding membership changes that have taken place since then, Reuters surveys show.

The Reuters survey aims to track supply to the market and is based on shipping data provided by external sources, Refinitiv Eikon flows data and information provided by sources at oil companies, OPEC and consulting firms.

By Eric Roston New York When it comes to saving the world’s rainforests, governments can make a big diff erence, and fast. Take Indonesia, which in 2012 surpassed Brazil as the world’s leader in tropical rainforest destruction. In 2017, it engineered a 60% drop in tree loss from the previous year by strictly enforcing protections in vulnerable regions. On the other hand, governments can reverse course just as swiftly. Take Brazil, where a decade-long trend of improving forest protections has now gone into reverse. It’s a concern both in and beyond the tropics, with multinational companies coming under increasing pressure to stop doing business with suppliers that ravage the environment. Rainforests host half the species on Earth, help regulate global weather patterns and produce much of the planet’s oxygen. Their disappearance, through burning or felling, creates about 10% of the greenhouse gases the world produces in a given year that drive climate change.

By one estimate, more tropical tree cover was lost globally in 2016 and 2017 than in any other years this century. The Situation A handful of nations are the guardians of the world’s rainforests, with Brazil home to one third and roughly 15% shared by Indonesia and the Democratic Republic of Congo. Critics blame Brazil’s relapse on the rollback of environmental protections and enforcement in the Amazon in recent years. One analysis pointed to an 84% year-on-year increase in forest fires to record levels in 2019, many caused by loggers incentivised by the government’s disdain for environmental oversight. Brazilian leader Jair Bolsonaro, who relishes criticism of his attitude toward the Amazon and jokingly refers to himself as “Captain Chainsaw,” is facing a backlash from trading partners including Germany, Norway and the European Union. In Congo, agriculture, logging and energy projects pushed deforestation to record levels in 2017. The global bright spot was Indonesia, where authorities imposed a moratorium on developing peatlands, carbon-rich areas where the tree canopy shields waterlogged soil. When cleared, peatlands are drained, leaving a vast area of tinder that can smolder under the ground for years. Combined with better educational campaigns and stricter law enforcement, the moratorium cut primary forest loss to the lowest level in 14 years, notwithstanding setbacks in Sumatra, an island that’s home to endangered tigers and orangutans. Tree loss declined yet further in 2018. The Background Although tropical deforestation rates have dropped by more than a third since the 1990s, rainforests remain on course to disappear in about a century. The 2015 Paris agreement to fight climate change recognised forests as part of the solution to curbing carbon emissions. Rainforests absorb prodigious amounts of carbon dioxide and store it in trees, other plants and soil. Forest fires in Indonesia in 2015 pumped out more greenhouse gases than the entire US economy. Tropical deforestation continues mostly because people, both near and far, demand timber as well as commodities — typically soy, palm oil, and beef — that flourish where forests get in the way. Indonesia, for example, delivers about half the world’s $50bn palm- oil crop each year. It’s cheaper than other vegetable oils, widely used in products from mayonnaise to makeup and a route out of poverty for farmers. Hundreds of international companies have pledged to clean up their supply chains, sourcing commodities only from producers certified as having sustainable practices. The Argument Climate scientists say that preserving rainforests, and restoring former forested land, represents a relatively straightforward and economical way to meet climate change targets. Such measures, they estimate, could help bring humanity about one- third of the way to the Paris goal of limiting warming to below 2 degrees Celsius (3.6 degrees Fahrenheit). Environmentalists argue over the best approach, but targets and protections have proven most eff ective only when strictly applied. On-the-ground strategies include removing roads into sensitive areas or paying rural and indigenous communities to maintain habitats. Activists urge rich nations to follow Norway’s lead and off er incentives to countries to curb forest loss (and to withdraw them if necessary).

Conservation groups say Corps should step up, for instance by including environmental audits in their financial reporting. They are pressing for better systems to certify producers of sustainably grown commodities; these make it easier both for companies to avoid illegal operators and consumers to make eco-friendly choices. There’s some way to go: A 2018 survey by environmental group Greenpeace found that all 16 multinationals surveyed either failed to publicly identify their palm-oil suppliers or used producers that harmed rainforests.

Norway’s $1tn sovereign wealth fund, the world’s largest, is adding its clout to a growing number of asset managers across the globe scrutinising supply chains and businesses as wildfires rip through the Amazon. “We have had a focus on deforestation for several years and follow the ongoing serious situation,” Carine Smith Ihenacho, chief corporate governance off icer at Norges Bank Investment Management, said in an emailed com- ment. The wealth fund’s chief governance off icer said that she expects companies to have a strategy for reducing de- forestation from their own activities and supply chains. In 2017, the fund initiated dialogue with companies that buy and sell soy and cattle products in Brazil, Ihenacho said. The Norwegian investor, which holds more than 9,000 companies around the world, has ratcheted up its work on ethics and sustainability over several years. It has taken steps to exclude or put companies under observation on a set of criteria, and it also engages directly in dialogue with companies to express its views. By the end of 2018, the fund had invested $6.2bn in stocks in Brazil, and about $2.8bn in bonds, according to a hold- ings overview on its website. “We have in previous years divested from one soy produc- er in this region due to links to unsustainable production and deforestation,” Ihenacho said. Not only engaging directly with companies, the Norwe- gian fund has also taken initiative to talk to lenders to get a broader perspective on deforestation and financing, ac- cording to the governance off icer. The fund engaged with banks in Brazil, Colombia, Indonesia and Malaysia last year, Ihenacho said, to understand how they monitor deforesta- tion risk in their credit loan portfolios.

As the fires ravaging Brazil’s Amazon stoke global outrage, its neighbours are also scorching, ripping up and poisoning their forests – largely under the radar.
Bolivia and Peru have seen faster growth in the number of fires this year than Brazil, as illegal miners, ranchers and cocaine producers continue to wreak havoc.
The 2.5mn square-mile Amazon is being attacked on all sides, with fires claiming an area equivalent to dozens of soccer pitches every hour in Brazil alone. At the deforestation rates seen in recent years, the whole forest will lose an area about the size of Virginia over the next decade according to Michael T Coe, senior scientist at the Woods Hole Research Center.
That’s endangering an eco-system that not only hosts a vast and largely unknown share of the world’s biodiversity but also helps regulate the continent’s climate.
Fires have multiplied in Brazil as loggers and farmers, emboldened by President Jair Bolsonaro’s disdain for environmental oversight, set ablaze land cleared earlier this year. Countries like Colombia, Peru and Bolivia aren’t encouraging deforestation, but lack resources and political will to enforce existing regulations, according to Carolina Gil, an attorney for environmental protection group Amazon Conservation.
“The current crisis in Brazil is just the tip of the iceberg,” Gil said.
Continued destruction threatens to turn dense forests into scrub-land covered in shrubs and weeds, she added, wrecking a region which provides a home to tens of thousands of animal and plant species, and roughly one-fifth of the world’s fresh water.
Colombia, which has the largest swath of the Amazon after Brazil and Peru, lost 530,400 acres (215,000 hectares) of the rainforest in 2017, according to satellite data monitored by Amazon Conservation. Brazil, which has about six times as much of the jungle, has been losing about 1.58mn acres a year.
Meanwhile, cultivation of coca plants, the raw material for cocaine, more than quadrupled in Colombia between 2012 and 2017. Farmers often slash down forest in national parks to plant illegal crops in remote parts of the country where the government’s presence is weak or non-existent.
Mercury used by informal gold miners also continually seeps into the rivers in Colombia’s Amazon, poisoning fish.
Colombia’s environment ministry didn’t reply to a written request for comment.
Brazil has experienced more than 83,000 fires so far this year, up 77% from the same period last year, according to the country’s National Institute for Space Research, known as Inpe. Meanwhile, Bolivia and Peru have seen their number of fires roughly double during the same period.
In Bolivia, where nearly 19,000 fires have destroyed more than 1mn acres of forest this year, left-wing President Evo Morales has mobilized firefighters and used a Boeing 747 Supertanker to fight the blazes.
Bolivia’s environment ministry and presidential press office did not return phone calls and emails seeking comment. Morales on Sunday said he was open to international help to put out fires and called for a summit between countries that make up the Amazon to “coordinate immediate actions and long-term plans,” according to a statement.
Peru’s environment ministry didn’t reply to an email seeking comment.
Brazil’s neighbours don’t share Bolsonaro’s belligerence, or hostility to environmental protection, but their record isn’t much better, said Rodrigo Botero, director for the Foundation for Conservation and Sustainable Development in Colombia.
“You can see across the region that the pressures in countries like Bolivia, which is suffering huge losses, or Paraguay are the same as in Brazil,” he said. “It’s not a question of left or right.”

Aug 28, 2019 ANDREW HIGHAM

TUTTGART, Germany (Reuters) – Automakers around the world are pushing hard for new networks that can charge electric cars fast. In Europe, some power companies and grid operators are testing whether it might be smarter and cheaper to move into the slow lane.

A 15-month study of electric car charging behavior in Germany has concluded that consumers can be persuaded to accept slow, overnight recharging that could help avoid brownouts from surges in electricity demand or costly upgrades to power grids.

The prospect of millions of EVs hitting the roads as governments gradually ban new diesel and gasoline cars is seen as a major challenge for power companies, especially in Germany which is switching from nuclear and coal to less predictable sources of energy such as wind and solar.

The small study in the wealthy Stuttgart suburb of Ostfildern-Ruit though has helped alleviate the concerns of some grid operators that too many electric vehicles (EVs) charging at peak times could cause network crashes.

The engineers at Netze BW, the local grid operator behind the trial, found that all the households involved came around to leaving their electric cars plugged in overnight and only half ever charged simultaneously.

“Since the experience with the project we have become a lot more relaxed. We can imagine that, in future, half of the inhabitants of such a street own electric vehicles,” said Netze BW engineer Selma Lossau, project manager for the study.

Still, with limited EV battery ranges for now, slow, overnight charging doesn’t get around the problem of how to persuade drivers to ditch petrol cars altogether.

Without a network of fast-charging stations offering quick refueling, drivers may be wary of using EVs for long trips – which is why some automakers want lots of fast-charging stations to encourage the widespread adoption of electric cars.

‘CHANGED MY OUTLOOK’

Slower, or delayed, charging has already gained traction in Norway, Europe’s leading EV market, where nearly 50% of new car sales are zero-emission vehicles.

A study by energy regulator NVE showed that Norway faces a bill of 11 billion crowns ($1.2 billion) over the next 20 years for low- and high-voltage grids, substations and high-voltage transformers – unless it can persuade car owners to charge outside peak afternoon hours.

The investment cost to the country of 5.3 million people could drop to just over 4 billion crowns if cars are charged in the evening, and may fall close to zero if batteries are only plugged in at night, NVE said.

NVE is now working a tariff proposal which will penalize peak-hours charging. Tibber, a Norwegian power company, already offers cheaper electricity for EV charging if you let it decide when your car is charged while firms such as ZAPTEC offer ways to adjust charging to the available grid capacity.

Some of the 10 households participating in the Stuttgart trial said they initially wanted to keep topping up their cars for fear of running out of juice, but soon adapted to leaving the power company to handle it as it saw fit overnight.

“At the start, I did not want to take any risks and charged frequently in order to feel secure. Over time, I changed my outlook,” said Norbert Simianer, a retired head teacher who drove a Renault Zoe during the trial. “I grew used to the car and became more at ease in handling the loading process.”

Simianer and his neighbors were given electric cars and 22 kilowatt (kW) wall-boxes for their garages, alongside two charging points in the street, all free of charge.

In return, they gave up their normal cars and allowed Netze BW, which is a subsidiary of German utility EnBW (EBKG.DE), to monitor and carry out a deferred and down-scaled charging process during a seven-and-a-half-hour period overnight.

Netze BW tried various options, either slotting cars in at the maximum 22 kW charging flow one after another, or lengthening the charging time for individual cars by adjusting the power flow, or combining both methods, Lossau said.

The participants, who used apps to check the status of their car batteries, grew accustomed to the lack of instant charging capability because their vehicles could always handle their everyday commutes of up to 50 km (31 miles).

EnBW said nine of the 10 households in the trial on Ostfildern-Ruit’s Belchenstrasse had opted to keep the wall-boxes and most were exploring leasing electric car.

TWO-WAY STREET

Lossau said monitoring 10 households did not in itself provide the “empirical mass to draw conclusions for the load profile of all of Germany”.

She also said there would need to be better two-way communication between EVs, the grid and consumers for the system to function efficiently on a large scale.

“There will have to be more exchange of information between e-cars and the grid to update the loading status in real-time, because otherwise, there can be the wrong impression about the speed of loading,” she said.

Utility companies developing so-called vehicle-to-grid (V2G) services, however, are struggling to persuade some automakers to use technology that allows two-way flows of information, and power, between batteries and grids.

Carmakers such as Volkswagen (VOWG_p.DE), Daimler (DAIGn.DE) and Ford (F.N), for example, are prioritizing one-directional fast-charging instead to overcome consumer resistance to EVs.

Japan’s Nissan (7201.T) has been leading the way among carmakers exploring V2G though Germany’s BMW (BMWG.DE) has now decided to develop it too, saying cooperation between cars and grids will be key to making e-mobility ready for mass markets.

“It is about making sure there is enough supply for the electric cars and that the lights do not go out elsewhere,” a BMW spokesman said. “The cars don’t just load when it’s best for the market, but they can also supply power back to the grid to help even out demand spikes.”

“There has to be more progress on the data exchanges, however. It is not yet the standard,” he said.

Nevertheless, the Ostfildern-Ruit trial has raised hopes that power grids might be able to cope with an influx of electric cars, especially if the consumers play ball.

Even if drivers resist overnight charging, suppliers of software and equipment to power grids, such as Germany’s Siemens (SIEGn.DE), are also looking at safer and more efficient ways to manage how and when power is used to charge cars.

MORE DATA PLEASE

The German city of Hamburg, for example, started a three-year pilot project this month with Siemens to pre-emptively identify overloads on transformers and along cables, and manage EV charging points accordingly.

“Loading processes offer so much flexibility that the overload on the networks can be reduced by deferring loading times or reducing the load that is supplied,” said Thomas Werner, expert at Siemens Digital Grid.

“This happens through the digitization of hardware and software and with communication technology,” he said.

Using software to help protect aging power networks from predictable surges could also avoid costly hardware upgrades to parts of the 1.7 million km of distribution grids in Germany.

With few than 100,000 electric-only cars in Germany at the moment, there is little threat of blackouts from over-demand. But the Transport Ministry in Berlin envisages up to 10 million electric cars on the roads by 2030.

The number of charging points across the country also only stands at 21,000. That’s up 50% over the last year but still barely a fraction of future needs.

Next up for Netze BW is a trickier test.

Managing the power for 10 households with electric cars in a suburban street of 22 homes is one thing, now the power company is launching a study of car charging behavior in an apartment block with 80 flats, where quarrels over access are likely.

It is also looking at a study in rural areas, where the longer cables required present challenges in maintaining stable voltages for charging.

But that’s still only part of the story. Lossau said power companies would have to work more closely with carmakers to fill knowledge gaps and exchange information.

“It can only work if we get more data from each other.”

Skimming low over the gleaming white glaciers on Greenland’s coast in a modified 1940s plane, three NASA scientists, led by an Elvis-impersonating oceanographer, waited to drop a probe into the water beneath them.

They are part of Oceans Melting Greenland — or OMG — a mission that has flown around the vast island for four summers, dropping probes to collect data on how oceans contribute to the rapid melt of Greenland’s ice.

Willis is investigating how warmer layers of water off the coast come into contact with glaciers.

Dressed in a blue jumpsuit and with thick sideburns that give a hint of his occasional pastime impersonating Elvis, Joshua Willis, 44, is the oceanographer from NASA’s Jet Propulsion Laboratory behind the project – and, along with his wife, its name.

Three NASA scientists drop probes into the Arctic to measure the impact of the oceans on ice melt.

‘Ice cube under a hair dryer’

Willis is investigating how warmer layers of water off the coast come into contact with glaciers and how this effects how quickly they melt.

“A lot of people think of the ice here as melting from the air warming, sort of like an ice cube under a hair dryer, but in fact the oceans are also eating away at the ice’s edges,” Willis said.

The scientists are part of Oceans Melting Greenland or OMG.

OMG surveys Greenlandic glaciers in the winter, comparing it with the data they collect about the oceans in the summer over a five-year period, which Willis hopes will allow researchers to better predict sea-level rise.

Greenland ‘a challenge’

NASA — best known for the moon landings and space travel — started to study the earth’s climate in greater depth from the 1970s when its inter-planetary exploration budget was reduced, using its satellites to look at the earth.

With OMG, Willis hopes they can provide data to give better predictions of sea-level rise.

Today it has more than a dozen satellites in orbit monitoring earth’s seas, ice, land and atmosphere, along with missions like OMG, which Willis hopes will provide data to give better predictions of sea-level rise around the globe.

Agence France-Presse

Qatar Petroleum has entered into agreements with Total for a share of exploration and production rights in two blocks offshore the Republic of Namibia.
Under the agreements, which are subject to customary regulatory approvals by the government of Namibia and approvals by the partners in the blocks, QP will hold a 30% participating interest in Block 2913B, with Total (the Operator) holding a 40% participating interest.
The other partners in the block are Impact Oil (20%), and Namcor (10%). A first exploration well is scheduled to be drilled in the first half of next year.

Also under the agreements, QP will hold a 28.33% participating interest in Block 2912, with Total (the Operator) holding a 37.78% participating interest. The other partners in the block are Impact Oil (18.89%) and Namcor (15%).
On the agreements, HE the Minister of State for Energy Affairs Saad bin Sherida al-Kaabi, also the president and CEO of QP, said, “We are pleased to expand our global exploration activities into Namibia, which further strengthens our presence in Africa. Working on these prospective frontier blocks with our valuable long-term partner, Total, will give another boost to our efforts towards implementing our international growth strategy.”
Al-Kaabi added, “We look forward to working together with the Namibian Government and with our partners in these blocks to achieve positive results that meet the interests of all parties.”
Blocks 2913B and 2912 sit adjacent to one another offshore Namibia. Block 2913B is 2,600-3,300 metres deep with an area of about 8,215 square kilometres, while Block 2912 is 3,300-3,800 metres deep with an area of about 7,813 square kilometres.

PM@ (Updates with statement on lifting)

ATHENS, Aug 26 (Reuters) – Greece is set to fully lift remaining capital controls, Prime Minister Kyriakos Mitsotakis said in parliament on Monday.

Athens imposed capital controls in June 2015, when Greece’s government had come to the end of its bailout extension period without agreeing on a further extension with its creditors.

The restrictions have been gradually eased since then. The cap on cash withdrawals was fully lifted in October 2018. But limits on money transfers abroad still remained. The newly elected conservative government has been keen to move swiftly to reassure markets that it intends to adopt business-friendly policies to attract investment, key to boost Greece’s economic recovery.

Athens had imposed the capital controls as Greece was embroiled in dispute with its lenders over bailout terms and its banks were bleeding cash.

At the time, the European Central Bank decided to pull the plug on emergency funding to Greek lenders, forcing a three week shutdown of banks and a 60 euro per day cap on cash machine withdrawals.

Finance Minister Christos Staikouras told lawmakers he would submit legislation to fully lift the restrictions effective Sept. 1. (Reporting by George Georgiopoulos; Editing by Alison Williams)